WOODBURY, N.Y., Aug. 01, 2024 (GLOBE NEWSWIRE) -- Research Frontiers Inc. (Nasdaq: REFR) announced its financial results for its second quarter of 2024. Management will host a conference call today at 4:30 p.m. Eastern Time to discuss its financial and operating results as well as recent developments.
Fee income during the second quarter of 2024 increased by over 165% from the same period last year, and increased by 56% from the first quarter of this year as a result of higher royalties from the automotive and aircraft markets. Revenues were up 69% in calendar year 2023 compared to 2022, and the second quarter of 2024 marked Research Frontiers’ sixth consecutive quarter of quarterly revenue growth from the same period in the prior year.
2.
The Company expects revenue in all market segments to increase as new car models, aircraft, trains, architectural, information display and other products using the Company’s SPD-SmartGlass technology are introduced into the market.
3.
Total expenses during the second quarter of 2024 were approximately $105,000 lower than the same period last year, bringing the Company’s net loss for the second quarter to $94,000 ($0.00 per share).
4.
At June 30, 2024, the Company had cash and cash equivalents of approximately $1.9 million, and working capital of $2.8 million. The Company has no debt and expects to have sufficient working capital for at least the next five years of operations.
For more details, please see the Company’s Quarterly Report on Form 10-Q which was filed today with the SEC, the contents of which are incorporated by reference herein.
About Research Frontiers
Research Frontiers (Nasdaq: REFR) is a publicly traded technology company and the developer of patented SPD-Smart light-control film technology which allows users to instantly, precisely and uniformly control the shading of glass or plastic products, either manually or automatically. Research Frontiers has licensed its smart glass technology to numerous companies that include well known chemical, material science and glass companies. Products using Research Frontiers’ smart glass technology are being used in tens of thousands of cars, aircraft, yachts, trains, homes, offices, museums and other buildings. For more information, please visit our website at www.SmartGlass.com, and on Facebook, Twitter, LinkedIn and YouTube.
Note: From time to time Research Frontiers may issue forward-looking statements which involve risks and uncertainties. This press release contains forward-looking statements. Actual results, especially those reliant on activities by third parties, could differ and are not guaranteed. Any forward-looking statements should be considered accordingly. “SPD-Smart” and “SPD-SmartGlass” are trademarks of Research Frontiers Inc.
CONTACT: Joseph M. Harary President and CEO Research Frontiers Inc. +1-516-364-1902 [email protected]
RESEARCH FRONTIERS INCORPORATED Condensed Consolidated Balance Sheets
June 30, 2024 (Unaudited)
December 31, 2023 (See Note 1)
Assets
Current assets:
Cash and cash equivalents
$
1,906,502
$
2,475,958
Royalties receivable, net of reserves of $1,253,450 in 2024 and 2023, respectively
1,078,500
1,003,404
Prepaid expenses and other current assets
204,682
96,784
Total current assets
3,189,684
3,576,146
Fixed assets, net
26,801
39,598
Operating lease ROU assets
107,229
178,715
Deposits and other assets
56,066
56,066
Total assets
$
3,379,780
$
3,850,525
Liabilities and Shareholders’ Equity
Current liabilities:
Current portion of operating lease liability
$
163,825
$
212,359
Accounts payable
60,968
50,880
Accrued expenses
40,212
14,192
Deferred revenue
125,000
-
Total current liabilities
390,005
277,431
Operating lease liability, net of current portion
-
55,363
Total liabilities
390,005
332,794
Shareholders’ equity:
Common stock, par value $0.0001 per share; authorized 100,000,000 shares, issued and outstanding 33,517,787 in 2024 and 33,509,287 in 2023
3,352
3,351
Additional paid-in capital
127,787,890
127,779,221
Accumulated deficit
(124,801,467
)
(124,264,841
)
Total shareholders’ equity
2,989,775
3,517,731
Total liabilities and shareholders’ equity
$
3,379,780
$
3,850,525
RESEARCH FRONTIERS INCORPORATED Condensed Consolidated Statements of Operations (Unaudited)
Six months ended June 30,
Three months ended June 30,
2024
2023
2024
2023
Fee income
$
802,972
$
433,215
$
489,594
$
185,040
Operating expenses
1,110,285
1,152,493
476,898
564,694
Research and development
278,571
294,832
128,830
145,610
Total expenses
1,388,856
1,447,325
605,728
710,304
Operating loss
(585,884
)
(1,014,110
)
(116,134
)
(525,264
)
Net investment income
49,258
57,822
22,112
31,614
Net loss
$
(536,626
)
$
(956,288
)
$
(94,022
)
$
(493,650
)
Basic and diluted net loss per common share
$
(0.02
)
$
(0.03
)
$
(0.00
)
$
(0.01
)
Weighted average number of common shares outstanding
33,514,097
33,397,968
33,517,787
33,509,287
RESEARCH FRONTIERS INCORPORATED Condensed Consolidated Statements of Shareholders’ Equity (Unaudited)
For the six months ended June 30, 2023 and 2024
Common Stock
Additional
Shares
Amount
Paid-in Capital
Accumulated Deficit
Total
Balance, January 1, 2023
33,150,396
$
3,315
$
127,150,027
$
(122,356,477
)
$
4,796,865
Exercise of warrants
358,891
36
484,466
-
484,502
Net loss
-
-
-
(956,288
)
(956,288
)
Balance, June 30, 2023
33,509,287
$
3,351
$
127,634,493
$
(123,312,765
)
$
4,325,079
Common Stock
Additional
Shares
Amount
Paid-in Capital
Accumulated Deficit
Total
Balance, January 1, 2024
33,509,287
$
3,351
$
127,779,221
$
(124,264,841
)
$
3,517,731
Exercise of options
8,500
1
8,669
-
8,670
Net loss
-
-
-
(536,626
)
(536,626
)
Balance, June 30, 2024
33,517,787
$
3,352
$
127,787,890
$
(124,801,467
)
$
2,989,775
For the three months ended June 30, 2023 and 2024
Common Stock
Additional
Shares
Amount
Paid-in Capital
Accumulated Deficit
Total
Balance, March 31, 2023
33,509,287
$
3,351
$
127,634,493
$
(122,819,115
)
$
4,818,729
Net loss
-
-
-
(493,650
)
(493,650
)
Balance, June 30, 2023
33,509,287
$
3,351
$
127,634,493
$
(123,312,765
)
$
4,325,079
Common Stock
Additional
Shares
Amount
Paid-in Capital
Accumulated Deficit
Total
Balance, March 31, 2024
33,517,787
$
3,352
$
127,787,890
$
(124,707,445
)
$
3,083,797
Net loss
-
-
-
(94,022
)
(94,022
)
Balance, June 30, 2024
33,517,787
$
3,352
$
127,787,890
$
(124,801,467
)
$
2,989,775
RESEARCH FRONTIERS INCORPORATED Condensed Consolidated Statements of Cash Flows (Unaudited)
For the six months ended June 30,
2024
2023
Cash flows from operating activities:
Net loss
$
(536,626
)
$
(956,288
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
12,951
13,661
Realized gain on marketable securities
-
(26,375
)
ROU asset amortization
71,486
73,308
Bad debt recovery
-
(5,000
)
Change in assets and liabilities:
Royalty receivables
(75,096
)
(71,558
)
Prepaid expenses and other assets
(107,898
)
(130,791
)
Accounts payable and accrued expenses
36,108
(35,741
)
Deferred revenue
125,000
12,794
Operating lease liability
(103,897
)
(96,925
)
Net cash used in operating activities
(577,972
)
(1,222,915
)
Cash flows from investing activities:
Purchases of fixed assets
(154
)
(1,304
)
Purchases of marketable securities
-
(2,965,160
)
Sales of marketable securities
-
2,991,535
Net cash (used in) provided by investing activities
(154
)
25,071
Cash flows from financing activities:
Net proceeds from exercise of options and warrants
